Turkish lira crash ripples through global currency markets

Peso and rand are knock-on casualties of currency slide after lira falls 8% against dollar

A fresh plunge in the Turkish lira sent tremors through global currency markets on Monday, amid fears that the failure of Recep Tayyip ErdoAan's government to tackle its worsening financial crisis would have a domino effect on other vulnerable countries.

Argentina's central bank raised its key interest rate by five percentage points to 45% after a fall in the peso and the South African rand was also hit in a day of turbulence that saw the lira fall 8% against the dollar.

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